BTC dumped to around 68.7K today and almost everything bled. $NEAR is one of the few big names roughly flat on the day on Binance, and that caught my eye.
This morning it swept down to 3.265, the lowest level since mid September, after a run of long liquidations over the last couple of days. Then one 4H candle ripped it back above 3.50 on about double the recent average volume. Someone was clearly waiting down there.
Background: the HSP 029 issuance cut passed in early November, but it only kicks in around February 2027 at the earliest, so it's not doing much for price right now. NEAR Intents revenue keeps funding buybacks though.
What the 4H chart shows:
Price is around 3.53 after the bounce.
The trend since the Oct 29 high near 4.81 is still clearly down. Lower highs the whole way.
MA20 is sitting right above price near 3.56 and MA50 is near 3.64. Both are still sloping down and acting as a lid.
RSI 14 recovered to around 47 from the low 30s, so the oversold pressure got released fast.
3.45, the Nov 9 low, got reclaimed. That's the first level bulls want to keep.
Above, 3.81 is the Nov 11 high where the last bounce got rejected.
Scenarios:
If price can close above the MA50 around 3.64 and hold 3.45 on dips, this morning's wick could end up being the local flush and 3.81 comes back into view.
If BTC keeps sliding and 3.45 gives way again, a retest of 3.265 is very possible, and losing that would put new lows on the table.
Relative strength on a red day is nice, but one candle doesn't change a month long downtrend.
Not financial advice, DYOR.
Real bottom signal, or just a dead cat bounce while BTC figures itself out?
#NEAR #CryptoAnalysis #Altcoins #Binance
This morning it swept down to 3.265, the lowest level since mid September, after a run of long liquidations over the last couple of days. Then one 4H candle ripped it back above 3.50 on about double the recent average volume. Someone was clearly waiting down there.
Background: the HSP 029 issuance cut passed in early November, but it only kicks in around February 2027 at the earliest, so it's not doing much for price right now. NEAR Intents revenue keeps funding buybacks though.
What the 4H chart shows:
Price is around 3.53 after the bounce.
The trend since the Oct 29 high near 4.81 is still clearly down. Lower highs the whole way.
MA20 is sitting right above price near 3.56 and MA50 is near 3.64. Both are still sloping down and acting as a lid.
RSI 14 recovered to around 47 from the low 30s, so the oversold pressure got released fast.
3.45, the Nov 9 low, got reclaimed. That's the first level bulls want to keep.
Above, 3.81 is the Nov 11 high where the last bounce got rejected.
Scenarios:
If price can close above the MA50 around 3.64 and hold 3.45 on dips, this morning's wick could end up being the local flush and 3.81 comes back into view.
If BTC keeps sliding and 3.45 gives way again, a retest of 3.265 is very possible, and losing that would put new lows on the table.
Relative strength on a red day is nice, but one candle doesn't change a month long downtrend.
Not financial advice, DYOR.
Real bottom signal, or just a dead cat bounce while BTC figures itself out?
#NEAR #CryptoAnalysis #Altcoins #Binance
